Home – New Forums Money matters Setting up MYOB – Bookkeeper vs CA

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  • #966338
    Chris Bates
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    Hey Everyone,

    It’s kind of dawned on me tonight that I think my accounts are set up wrong in MYOB. I hate MYOB.

    I’ve no problems understanding accounting, what effects what, and what reports mean, day to day bookkeeping in general. But the actual setting up of my accounts and linking them, is clearly above my head.

    My question today is: Bookkeeper vs CA…

    I know of bookkeepers that charge like $200 once off to set up your MYOB accounts, and this is really all I need. Or do I go see a proper CA and get it all done through a proper firm?

    I honestly don’t have the money to do either, but I know it’s not something I can’t leave. I think getting someone to just set up my accounts once off is probably the more affordable route, but is this a good idea?

    Thoughts, opinions, suggestions… Shoot!

    Cheers,
    Chris

    #1017538
    JohnSheppard
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    I reckon try to use what your accountant uses….so go to them to get it done….most accountants have underlings that do bookkeeping work for them as well, so maybe your joint has one of them on the side.

    My accountant (who is a relative) likes to use his codes when he can as it makes his life easier. He also likes Handisoft instead of Myob. I just use myob to invoice and then hand over all my bills/invoices and he does the rest…he’s a control freak tho, but I think most accountants are :)

    #1017539
    Norwest Tax
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    Chris

    I am a CA based in Melbourne. With more than 10 years experience in assisting SME, you can rest assure that the person doing your accounts have diverse range of experiences within accounting.

    I am happy to clean up your MYOB accounts for you, provided you utilised us as your accountants and tax agent.

    Don’t be put off by us being in Melbourne, it allows you to claim travel expenses, when you do come and visit.

    Cheers

    Anthony

    #1017540
    FletcherTax
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    Hi Chris

    Very important at the onset to know the differences between a CA and a bookkeeper.

    That said, I know some great bookkeepers who are fantastic with setting up MYOB, Quickbooks etc

    By the time it comes to me, as a CA accountant, I end up adjusting/reallocating anyway. All I ask for is consistency so it becomes easier to track.

    A good bookkeeper or a CA can help with your particular issue at hand – it’s going forward which is very important! And most accountants will set up your MYOB for free to get your long term business.

    Fletcher Tax Accountants
    http://www.fletchertaxaccountants.com.au

    Please note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

    #1017541
    Accounts Studio
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    • Total posts: 516
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    If you get a decent bookkeeper with experience then they are absolutely capable of setting up your chart of accounts. They will also be absolutely capable of setting you up with job codes to track various projects, setting up loan accounts for any hire purchase/finance agreements you have etc. Setting up your database is not hard for a decent bookkeeper. And if it is hard for them then in my mind they should not be calling themselves a bookkeeper.

    I would personally be wary of using a less common program and would stick to MYOB. The problem being that down the track you will find it very hard to find a bookkeeper or maybe even another accountant who would be able to service that software for you. At least with MYOB all bookkeepers and accountants know how to use it (or should do anyway).

    #1017542
    @HeatherSmithAU
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    Hi Chris,

    If you are looking for a Bookkeeper you should be looking at a “professional bookkeeper” – with the announcement of the new practioners board – http://www.tpb.gov.au

    Many chartered accountants like myself will set up your MYOB accounts

    I can log into your computer remotely, and assist you.

    I have an article coming out on 25th January in Flying Solo about how to choose a bookkeeper.

    When it comes to your accounts – use plain English, keep it simple, group like together, clearly understand Gros, Operating & Net Profit, and allow for the ‘drill down’ using customised levels.

    Feel free to contact me if you need any MYOB assistance!

    #1017543
    beancounter
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    When setting up accounting software packages for our clients, we liasle with their accountant as different accountants have their own preferences of how the accounts should be set up

    Some accountants have a preference for certain software packages, others are not that particular

    Once your accounting software is set up correctly, and you have a competant bookkeeper, then your accountant shouldn’t need to see the data file anyway, they will generally work from the P&L and Balance Sheets

    Great accountants are not always great bookkeepers – just as a good builder is not necessarily a skilled carpenter. Accountants are not always interested / have the time in doing bookkeeping and will often outsource their clients’ bookkeeping anyway, so you can save a few dollars by oustourcing a bookkeeper yourself

    Often we’ll find clients that think buying MYOB software will be the elixur to their bookkeeping woes – unfortunately its GIGO – garbage in-garbage out , so if the data is keyed incorrectly into MYOB, the results won’t be correct.

    A simple five-second mistake that you make can be very costly – it can also take a bookkeeper an hour to work out what you did wrong and correct it

    Make sure you get some training in using the software if you are looking to do your own bookkeeping

    #1017544
    Karen Wardle
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    Chris

    I have had various accounts set up in the past (using a bookkeeper) and it didn’t cost anywhere near $200 but of course it would depend on the volume of entries that need to be made and whether there was to be any follow up work.

    You can get myob (and quicken for that matter) certified bookkeepers to do the set up for you and as Sophie has stated…..

    Setting up your database is not hard for a decent bookkeeper. And if it is hard for them then in my mind they should not be calling themselves a bookkeeper.

    so I personally don’t feel that the expense of an accountant is necessary but you do want to be sure that the bookkeeper that you use, sets your data file up correctly.

    Also by using a bookkeeper to do the set up you can then use them for a couple of hours a quarter (for example) to process any transactions that might be a bit ‘unusual’, or to get some training in how to process the more complex transactions.

    I reckon try to use what your accountant uses….so go to them to get it done….most accountants have underlings that do bookkeeping work for them as well, so maybe your joint has one of them on the side.

    My accountant (who is a relative) likes to use his codes when he can as it makes his life easier. He also likes Handisoft instead of Myob

    The danger in using less popular software is that if/when the time comes that you no longer want to do your own books you will be narrowing your choices in finding someone that knows your system.

    Good luck with it.

    Karen
    http://www.you-can-start-business.com

    #1017545
    Jaguar
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    • Total posts: 2
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    Hi Chris

    MYOB can be a real assist with your accounting if you get the Chart of Accounts set up correctly. All you really need is a qualified bookkeeper who is experienced and has a good business background.

    This is essential as we too often we see people who have done a 1 or 2 day MYOB course and set themselves up as bookkeepers, but it is the business that suffers when incorrect entries etc are made and the business owner makes decision based upon incorrect data.

    I would suggest that it doesn’t need a CA to setup your Chart of Accounts, just a qualified bookkeeper who will understan d your business and what you want to get from your accounts.

    A good bookkeeper will have a regular liaison with your external Tax Accountant so that at the end of the year they are provided with a Trial balance, Profit & Loss and Balance sheet so that the costs of the external Acccount is minimised but the figures are correct.

    The costs to your business will be substantially reduced and in many cases, if you get the right bookkeeper you will have access to more information and business experience to assist your business than the once a year visit to your CA or external Acountant. Having a bookkeeper who will ‘partner’ with you business allows them to understand your business and provide real support, advice and interpretation of the numbers, so you get the best of both worlds for a reasonable cost.

    It is also advantageous for your ‘outsourced accounts person’ to be able to access your accounting file remotely, so that they work in your business without having to actually be at your site and interupting your usual workflow.

    We are always happy to discuss options and alternatives with clients to improve the efficiency and effectiveness of their bookkeeping (and business)procedures and systems.

    #1017546
    akagrp
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    • Total posts: 315
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    Hi Chris

    Have you approached your Accountant/Tax Agent, I am sure they would be more then happy to review and amend your Chart Of Accounts and should really not charge you more then other professionals.

    If you are still looking we charge $150 to setup Chart of Accounts for clients and we can can look after your BAS and Tax aswell remote, we look after clients all around Australia and Overseas and use technology to keep intouch, e,g gotomeeting

    Have a great year
    Anna

    Chris Bates, post: 20182 wrote:
    Hey Everyone,

    It’s kind of dawned on me tonight that I think my accounts are set up wrong in MYOB. I hate MYOB.

    I’ve no problems understanding accounting, what effects what, and what reports mean, day to day bookkeeping in general. But the actual setting up of my accounts and linking them, is clearly above my head.

    My question today is: Bookkeeper vs CA…

    I know of bookkeepers that charge like $200 once off to set up your MYOB accounts, and this is really all I need. Or do I go see a proper CA and get it all done through a proper firm?

    I honestly don’t have the money to do either, but I know it’s not something I can’t leave. I think getting someone to just set up my accounts once off is probably the more affordable route, but is this a good idea?

    Thoughts, opinions, suggestions… Shoot!

    Cheers,
    Chris

    #1017547
    whateverbusinesssolution
    Member
    • Total posts: 57
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    I have consistently seen information inaccurately reported through MYOB because it has been set up incorrectly. The most common issues that I come accross are stock being expensed before sale and assets being expensed on acquisition rather than over their useful lives.

    Additionally, if the presentation of accounts needs to be reformatted to produce your end of year accounts, this imposes an additional ongoing cost to the business.

    My suggestion is to get it right the first time …..

    Cheers, Warren

    #1017548
    @HeatherSmithAU
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    • Total posts: 525
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    Hi,

    Hope you had chance to read the article on Flying Solo;

    Ten questions to ask your bookkeeper

    I had an awesome session with a client today. They have inherited an MYOB data file with an enormous chart of accounts. The accountant spends two days every month analysing the data, into separate cost centres, for the board of directors. I have spent several sessions with the accountant discussing what MYOB is capable of, and what management information it can generate. We worked together to understand what management information the board wanted, and what MYOB could produce. After several meetings, I went in today to weave my magic.

    As an example, I reduced the INCOME lines from 120 to 28, and then thru further refinement and grouping down to 15. I don’t want any income lines that are redundant, not relevant or are simply to specific. I never want to see an income line – income from project x. The income lines should be generic, and coded to jobs, for specific detailed analysis. I then reviewed all transactions and allocated Job codes to them.

    The client came in to look at what I had done. He said I had lifted a huge weight of his shoulders, and was very relieved with the outcome. I then presented him with the Job Profit and Loss Statements, for 8 different areas, and we reconciled them to what he had taken two days to produce. In most cases they matched perfectly, and the only minor errors we identified, were with the manually created profit and loss statement.

    The client now has information that is meaningful, and is quickly able to report on different cost centres. The Directors will be happy with him and he also has two days of his life back every month!

    Sensational!

    Heather Smith and her team at ANISE Consulting, have assisted in setting up and supporting over 300 small businesses in Brisbane and beyond. Their focus is on cashflow management. They are leading experts in MYOB Accounting software and are dabbling in Xero. For further assistance please contact us http://www.aniseconsulting.com/contactUs.html or join us;
    FACEBOOK : http://www.facebook.com/ANISEConsultings
    TWITTER : twitter.com/aniseconsulting
    YOUTUBE : http://www.youtube.com/ANISEConsulting

    #1017549
    Dardee
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    • Total posts: 430
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    That is the work that is the most rewarding. There is a real sense of achievement once you’ve come up with something that the client is happy with.

    The biggest problem a lot of the time is making the client realise that this needs to be done.

    #1017550
    akagrp
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    • Total posts: 315
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    Heather so agree users lack of MYOB capability shocks me in my industry
    another great resourse to extract data from MYOB without spending hours extracting is called Ultimate Reports from accounting power great tool for those mgr reports end of month and for non myob mgr to access data they can understand via a link in excel all preformated

    We are using just moving into Xero would love to hear what you think of it

    That is what we tell clients reduce your COA and use features like jobs and categories to extract reports as not only quicker but reduces the risk of data going to wrong COA as my exp they for example would have account starting Income – Project A etc and the person entering transaction just goes to first account

    I just wish myob would allow a must compete for sales rep and job like it does for category

    #1017551
    Chris Bates
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    • Total posts: 966
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    Anna,

    Interesting to hear you’re moving into Xero, might have to give you a call soon :)

    Chris

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